Stimulus package will increase unemployment

Fox News
by John R. Lott, Jr.

02/03/09

President Obama and the Democrats’ ’stimulus’ package will increase the unemployment rate. The changes they propose will also make us poorer, with fewer, less productive jobs. The most obvious explanation is the $36 billion in increased unemployment insurance benefits. Larger benefits at least for this year will encourage some people, who may be unhappy with their jobs, to be unemployed while they look for something better. … Yet the ’stimulus’ package will do something else that will increase unemployment at least as much. Most of the new jobs will be for people who are currently employed. By moving money from places where it is currently being spent to places where the government wants it spent, you move the jobs also. But it takes time for people to move between jobs. That is called unemployment...

//www.foxnews.com/story/0,2933,487425,00.html



The pseudo stimulus

The Nation
by James S. Henry

02/03/09

So now that President Obama is in office, his economic team is in place, the largest stimulus package in US history is nearly complete, real interest rates are negative and the Treasury is about to announce a “big bang” version of TARP that provides even more capital to private banks, we’re good, right? Lo siento, no, as shown by last week’s steep stock market slide, even after his program passed the House. For once, the Republican wingnuts may be right. There really is much less to Obama’s stimulus than meets the eye...

//www.thenation.com/doc/20090216/henry



Brother, can you spare a bonus?

Salon
by Mike Madden

02/05/09

Yes indeed, the Wall Street life ain’t easy these days. Of course, for any bankers freaking out about the new rules that President Barack Obama announced Wednesday, which cap pay at $500,000 for firms that take federal aid to stay in business, there is one easy way to keep rolling in the dough: Don’t run your company into the ground so quickly that the only way to survive is to get on the dole. The new rules apply only to firms that take part in future bailouts; without federal aid, there are no strings attached. But administration officials, and Obama, seemed resigned to the fact that the $700 billion already spent to rescue Wall Street won’t be the last of it, and that the rules will probably be applied fairly soon. Cracking down on runaway salaries, in fact, seems to be an attempt to smooth the political path for the next round of bailouts...

//www.salon.com/news/feature/2009/02/05/executive_pay/


Informant: Thomas L. Knapp



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